6 Mar 2023
PEMUNGUT DUTI SETEM PENANG DEVELOPMENT CORPORATION
- Citation
- K-01(NCvC)(A)-809-12/2021 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- K-01(NCvC)(A)-809-12/2021 (Mahkamah Rayuan)
The Court of Appeal held that the Penang State Government's LOU is a separate instrument amounting to 'security' for the RM100 million facility; because the loan instrument was supported by that separate security instrument, the facility did not qualify as a loan 'without security' under the Remission Order and therefore was not entitled to stamp duty remission; the High Court's narrower definition of 'security' was erroneous.